The Company has also provided an update on its Quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission the same day. Management encourages investors to review this filing for more details of the Company's financial results for the period.

Management Comments – Highlights in Second Quarter of Fiscal 2019

Mr. Lei Cao, Chairman and Chief Executive Officer of Sino-Global commented, "We delivered multiple shipments totaling approximately $0.89 million in revenue for the Company for November and December 2018 as part of our expanded shipping agency business and our freight logistics business generated revenue of approximately $8.98 million during the second quarter of 2019. The second quarter reflected the full impact of our costs associated with the transition to a shipping agency and logistics focus without the corresponding revenue, which we believe will be expressed in the second half of Fiscal 2019. The Company has signed multiple contracts over the past year with large import / export agencies throughout China and anticipates an increase in revenues in this business segment."

Mr. Cao continued, "Our plan is to develop a shipping agency network in China and South East Asia for the next three years and to expand our shipping agency network worldwide. We plan to build the network through acquisitions or strategic partnership with other shipping agencies. Our shipping agency business will be mostly conducted through our subsidiaries in China, Hong Kong and Australia, where we have over 20 years of experience. Our initial strategy was to expand our partnerships gradually during 2018 with agencies that have a strong track-record throughout 2018 and then to increase sales and cash generation throughout 2019. We began seeing a considerable shift in sales in the fiscal 2019 second quarter and expect this to continue throughout the remainder of 2019."

Fiscal 2019 Second Quarter and Subsequent Operating Highlights

On November 1, 2018, the Company signed a five-year strategic cooperation agreement with a Hong Kong listed Company, Sinco Pharmaceuticals Holdings Ltd ("Sinco"), pursuant to which both companies will contribute resources and expertise to develop cold chain logistics in China.

On January 1, 2019, the Company signed a shipment service agreement with Chongqing Iron and Steel Company ("Chongqing Iron and Steel") which appointed the Company to ship 1 million tons of iron ore and coal to their designated port with service period from January 1, 2019 to December 31, 2019. The business relationship Sino-Global has with Chongqing Iron and Steel will further enhance and develop its freight logistics business.

During the three months ended December 31, 2018, the Company signed a shipping agency agreement with Y&D Marine Limited Co.. On January 30, 2019, Sino-Global signed an agency agreement with Zhejiang Baoming International Shipping Agency Co., Ltd. and assigned them as the port agent, due to the aforementioned shipping agency agreement with Y&D Marine Limited Co. We will cooperate with more port agents in the near future to further expand our shipping agency business.

Fiscal Year 2019 Second Quarter Financial Review

Total revenues increased by 101.4% to approximately $10.5 million for the three month period ended December 31, 2018, compared to approximately $5.2 million in the period ended December 31, 2017. This increase was due to the Company's business development efforts in freight logistics. In addition, as the Company decided to transit back to the shipping agency business, we had generated approximately $0.9 million of revenue from providing shipping agency services in the second quarter of fiscal year 2019.

The Company's gross profit for the three month period ended December 31, 2018 was approximately $1.96 million, compared to approximately $1.84 million for the same period in the prior year. Gross profit margin during the period was 18.6% compared to 35.3% for the same period last year.

Sino-Global's selling, general and administrative expenses (SG&A expenses) were approximately $2.1 million for the three month period ended December 31, 2018, compared to approximately $1.9 million in the same period of the prior year. As a percentage of revenue, SG&A expenses decreased to 19.8% from 36.0% in the prior year period, largely due to greater efficiency on higher revenues.

The Company's provision for doubtful accounts was $416,706 for the three months ended December 31, 2018, compared with a provision for doubtful accounts of $861,967 for the same period in 2017. The decrease was due to faster collections from customers. As the Company continues its business relationship with several large customers, it will continue to monitor the collection closely with respect to trade accounts receivable.

For the three months ended December 31, 2018, the Company reported a net loss attributable to the Company of approximately $1.5 million, or $(0.11) per diluted share based on weighted average diluted shares outstanding of 13,769,918, compared to a net income attributable to the Company of approximately $0.3 million, or $0.03 per diluted share based on weighted average diluted shares outstanding of 10,415,503, for the same period in the prior year.

The following tables present summary information by segments for the three months ended December 31, 2018 and 2017:

For the three months ended December 31, 2018

Shipping Agency Services

Inland Transportation Management Services

Freight Logistics Services

Container Trucking Services

Total

Revenues

- Related party

$

-

$

75,000

$

-

$

-

$

75,000

- Third parties

$

889,070

$

345,000

$

8,978,923

$

227,294

$

10,440,287

Total revenues

$

889,070

$

420,000

$

8,978,923

$

227,294

$

10,515,287

Cost of revenues

$

809,040

$

20,000

$

7,497,666

$

229,891

$

8,556,597

Gross profit

$

80,030

$

400,000

$

1,481,256

$

(2,596)

$

1,958,690

Depreciation and amortization

$

-

$

20,339

$

475

$

4,751

$

25,565

Total capital expenditures

$

-

$

-

$

-

$

8,534

$

8,534

Gross margin%

9.0

%

95.2

%

16.5

%

(1.1%)

18.6

%

For the three months ended December 31, 2017

Shipping Agency Services

Inland Transportation Management Services

Freight Logistics Services

Container Trucking Services

Total

Revenues

- Related party

$

-

$

555,246

$

-

$

-

$

555,246

- Third parties

$

-

$

838,595

$

3,699,775

$

126,865

$

4,665,235

Total revenues

$

-

$

1,393,841

$

3,699,775

$

126,865

$

5,220,481

Cost of revenues

$

-

$

174,025

$

3,152,005

$

49,848

$

3,375,878

Gross profit

$

-

$

1,219,816

$

547,770

$

77,017

$

1,844,603

Depreciation and amortization

$

-

$

12,736

$

476

$

5,327

$

18,539

Total capital expenditures

$

-

$

-

$

2,721

$

42,480

$

45,201

Gross margin%

-

87.5

%

14.8

%

60.7

%

35.3

%

Balance Sheet Information

As of December 31, 2018, the Company had approximately $2.5 million in cash, working capital of apporximately $12.5 million and stockholders' equity of approximately $18.6 million.

The Company had no long-term debt as of December 31, 2018.

About Sino-Global Shipping America, Ltd.

Founded in the United States in 2001, Sino-Global Shipping America, Ltd. is a company engaged originally in shipping, chartering, logistics and related business services. Headquartered in New York, Sino-Global has offices in mainland China, Australia, Canada and Hong Kong. The Company's current service offerings consist of shipping agency, inland transportation management, freight logistics and container trucking services. Additional information about Sino-Global can be found on the Company's corporate website at www.sino-global.com. The Company routinely posts important information on its website.

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to sell or a solicitation of an offer to purchase any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in Sino-Global's filings with the U.S. Securities and Exchange Commission. Actual results, events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Sino-Global undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events unless required by applicable law or regulations.

Common stock, 50,000,000 shares authorized, no par value; 15,421,200 and 13,271,032 shares issued as of December 31, 2018 and June 30, 2018, respectively; 15,245,703 and 13,095,535 outstanding as of December 31, 2018 and June 30, 2018, respectively

25,791,830

23,717,330

Additional paid-in capital

2,045,657

1,755,573

Treasury stock, at cost, 175,497 shares as of December 31, 2018 and June 30, 2018

(417,538)

(417,538)

Accumulated deficit

(3,225,590)

(434,856)

Accumulated other comprehensive loss

(894,641)

(272,407)

Total Sino-Global Shipping America Ltd. Stockholders' Equity

23,299,718

24,348,102

Non-controlling Interest

(4,679,173)

(4,812,828)

Total Equity

18,620,545

19,535,274

Total Liabilities and Equity

$

23,126,203

$

26,157,827

SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the Six Months Ended

December 31,

2018

2017

Operating Activities

Net income (loss)

$

(2,710,389)

$

1,107,885

Adjustments to reconcile net income (loss) to net cash used in operating activities: